Gilead Sciences, Inc., Visa Inc Beat Earnings Estimates

Gilead Sciences and Visa released the earnings reports from their most recently completed quarters after closing bell tonight. Gilead Sciences reported non-GAAP earnings of $2.94 per share on $7.59 billion in revenue for its first quarter. Analysts had been looking for earnings per share of $2.32 on $6.89 billion in revenue. In the same quarter a year ago, the company posted earnings of $1.48 per share on $5 billion in revenue.

Visa reported adjusted earnings of 63 cents per share on revenue of $3.4 billion, an 8% year over year increase, for its second fiscal quarter. Analysts had been looking for earnings of 62 cents per share on $3.4 billion in revenue. In the same quarter last year, the payment services processor posted earnings of 55 cents per share on $3.16 billion in revenue.

Key metrics from Gilead Sciences’ earnings report

Gilead Sciences reported net income of $2.76 per share, compared to $1.33 per share in the first quarter of last year. The drug maker’s product sales rose from $4.9 billion last year to $7.4 billion in the first quarter of this year.

U.S. product sales rose from $3.6 billion last year to $5.2 billion this year. Europe product sales rose from $1 billion to $1.8 billion this year. The company’s antiviral product sales were $7 billion, compared to last year’s $4.5 billion. Other product sales increased from $362 million to $417 million.

Gilead Sciences also updated its guidance, raising its projections for net product sales from between $26 billion and $27 billion to between $28 billion and $29 billion for the full year.

Key metrics from Visa’s earnings report

Visa reported an 11% increase in payment volumes, which rose to $1.2 trillion in constant currency. The payments processor also saw an 11% increase in total transactions, which increased to $17 billion. Revenue from data processing increased 9% year over year, while international revenue increased 11%. Other revenues, including licensing fees from Visa Europe, rose 12% from last year to $204 million. Service revenues increased 8% to $1.6 billion.

“Visa reported another solid quarter of financial results against the continued backdrop of a tepid global economy,” Visa CEO Charlie Scharf said in a statement. “While the negative impacts from the strengthening of the U.S. dollar and lower gasoline prices continued to exert pressure on revenue growth, our results and volume trends have remained strong.”